What does my ID and proof of funds have anything to do with my conveyancing in Locks Heath? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Locks Heath conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to validate not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I'm purchasing my first flat in Locks Heath with a loan from Skipton Building Society. The developers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my lawyer about the side-deal as it will adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Locks Heath I like with a park and station in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Locks Heath in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
My husband and I are first time buyers - had an offer accepted, but the agent has warned us that the vendor will only go ahead if we use their preferred solicitors as they need a ‘quick sale’. We would rather use a local conveyancer who is familiar with conveyancing in Locks Heath
We suspect that the seller is not behind this ultimatum. If they desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is not the way to achieve this. Bypass the agents and go straight to the owners and make sure they comprehend that (a)you are motivated purchasers (b)you are ready to go, with finances in place © you are chain free (d) you intend to proceed fast (e)but you are going to instruct your preferred Locks Heath conveyancing lawyers - rather thanthe ones that will provide their estate agent a commission or hit his conveyancing figures demanded by corporate headquarters.
All being well we will complete the sale of our £375,000 flat in Locks Heath next week. The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Locks Heath?
Locks Heath conveyancing on leasehold flats more often than not involves the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be content to do so. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I bought a 1st floor flat in Locks Heath, conveyancing formalities finalised in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Locks Heath with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2100
With only 74 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Our property lawyer in Locks Heath has informed me that he requires identification documents asserting that this is part of his requirements as a conveyancer on the bank Solicitor panel. Can this be correct?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the bank. This is not specific to conveyancing in Locks Heath